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Required: Form 1120 Form 1125-A Form 1125-E Form 4562 None of the stock of FF is owned by non-U .S. persons FF has never issued
Required:
Form 1120
Form 1125-A
Form 1125-E
Form 4562
None of the stock of FF is owned by non-U .S. persons FF has never issued publicly offered debt instruments. FF is not required to file a Schedule UTP, Uncertain Tax Position Statement. FF made payments that required it to file federal Form(s) Iu 099. These Forms 1099 Were filed timely by FF. FF's annual gross receipts for the prior three years are under $25,000,000. None of the shareholders of FF changed during the year. FF has never disposed of more than 65% (by value) of its assets in a taxable, non-taxable, or tax deferred transaction. FF did not receive any assets in a Section 351 transfer during the year. Additional information: On August 1, 2018 FF was notified by its legal counsel that FFwas being sued by a former employee regarding her termination of employment from FF. On December 21, 2018, a legal settlement was reached with this terminated employee. As part of the settlement, FF agreed to pay the employee a settlement amount of $190,000 on January 10, 2019. FF accrued this expense on its 2018 financial statements. FF maintains a portfolio of tax-exempt securities (none of which is a private activity bond) and publicly-traded stocks as a measure to provide immediate liquidity if needed (none of these investments is debt financed).All of these secu rities originate from less than 20% owned domestic corporations FF owns 12% Of Fun Fair Of Russia (FFR), a Russian corporation operating a theme park on the outskirts of Moscow. FFR remitted dividends to FFof $14,000. FF also received $300 in dividends from holding marketable securities on occasion (all less than 20% owned by FF). From inception until this yearthe Rapid Coaster had been FF's main attraction. However due to safety, crowd appeal, and other factors, FF disposed of the Rapid Coaster on March 1, 2018 and purchased a new attraction known as the Vomitnator. The Rapid Coaster originally cost $2,000,000 and was placed in service on September 1, 2007. The Rapid Coaster was fully depreciated for book and tax purposes. The Vomitnator was installed and rendered operational on March 1 , 2018. The Vomitnator cost $6,000,000 to acquire, install, and make ready for service. FF's regular tax depreciation for the year is correctly calculated as $1,112,499 before considering the 2018 addition of the Vomitnator. FF wants to claim the maximum allowable deduction for the Vominator in 2018. Because of the Vominator's modular design, it is considered personal (as opposed to real) property. FF officer information forthe year is as follows (compensation amounts included in total wages on the income Statement for all employees):
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